By Kristina Sgueglia, CNN The New York Attorney General’s office announced it has secured $523 million from Teva Pharmaceuticals and affiliates for its role in the opioid crisis, effectively marking the end of the state’s litigation against opioid manufacturers and distributors not currently in bankruptcy proceedings. The funds — secured as part of Teva’s $4
Continue Reading By Anna Bahney, CNN Business If you bought your first home during the past year, consider yourself one of the fortunate few. Skyrocketing home prices and climbing interest rates pushed the share of first-time homebuyers to an all-time low, according to a new report from the National Association of Realtors. And those first-time buyers were
Continue Reading By Julia Horowitz, CNN Business Federal Reserve Chair Jerome Powell has the power to make or break markets these days. On Wednesday, he opted to disappoint. What’s happening: The central bank announced its fourth straight interest rate hike of three-quarters of a percentage point, continuing its aggressive and unprecedented campaign to get inflation under control.
Continue Reading By Matt Egan, CNN Business Wall Street is waiting for the results of Tuesday’s midterm election like the rest of the world, but traders say this week’s inflation report may prove to be far more consequential to markets. “Obviously this midterm election — because democracy is on the ballot — is a big deal in
Continue Reading By Hanna Ziady and Julia Horowitz, CNN Business The Bank of England raised interest rates by three quarters of a percentage point on Thursday, the biggest hike in 33 years, as it tries to contain soaring inflation even as the UK economy slides towards a recession that could last two years. The central bank made
Continue Reading By Allison Morrow, CNN Business When the Bureau of Labor Statistics releases its October jobs report on Friday, it will be the last major read of the economy before the midterm elections — and it will cap a week of new data signaling that the white-hot labor market is showing only tentative signs of cooling
Continue Reading By Frank Pallotta, CNN Business Leslie Moonves, former chief executive officer of CBS, and CBS reached a $30.5 million settlement with the office of the attorney general of New York, Letitia James, on Wednesday. The settlement is a part of an investigation by the state alleging that “CBS and its senior leadership knew about multiple
Continue Reading By Jeanne Sahadi, CNN Business The Federal Reserve raised its benchmark interest rate for the sixth time in a row on Wednesday, to a range of 3.75% to 4%. While there may be plenty of downside in the form of higher borrowing costs for consumers, one positive outcome is that your savings may actually start
Continue Reading By Paul R. La Monica, CNN Business The stock market has been on a roller coaster ride, largely because of Wall Street’s shifting expectations about whether the Federal Reserve is going to slow down the pace and size of its interest rate hikes. The Fed briefly excited investors last week when it acknowledged in its
Continue Reading By Danielle Wiener-Bronner, CNN Business Looks like Thanksgiving will be a lot pricier this year. Market research firm IRI predicts that your Thanksgiving meal will cost about 13.5% more compared to last year, based on how retail prices in the four weeks through October 16 compared to the same period in 2021. IRI measures items
Continue Reading By Danielle Wiener-Bronner, CNN Business Looks like Thanksgiving will be a lot pricier this year. Market research firm IRI predicts that your Thanksgiving meal will cost about 13.5% more compared to last year, based on how retail prices in the four weeks through October 16 compared to the same period in 2021. IRI measures items
Continue Reading By Matt Egan, CNN Business The stock market started the Biden era with a boom. But it heads into the midterm election looking more like a bust. Entering Monday, the S&P 500 advanced just 13.2% since President Joe Biden took office in January 2021. That marks the second-worst performance during a president’s first 1,022 calendar
Continue Reading By Brian Fung, CNN TikTok updated its privacy policies for European users on Tuesday, adding explicit disclosures that personal data from the app may be viewed by employees in China. The update aligns with what TikTok executives have said publicly. But the addition reflects the intense scrutiny TikTok has faced over its international data flows.
Continue Reading By Brian Fung, CNN The US government should ban TikTok rather than come to a national security agreement with the social media app that might allow it to continue operating in the United States, according to Brendan Carr, a commissioner at the Federal Communications Commission. A string of news reports this year about TikTok’s handling
Continue Reading By Parija Kavilanz, CNN Business There’s at least one item in the grocery store that is getting less expensive: avocados. A significant supply glut of the buttery fruit has triggered a drop in wholesale prices, sending store prices lower as well. With the overall cost of grocery items up a stunning 13% compared to last
Continue Reading By Clare Duffy, CNN Business On October 27, the same day Elon Musk completed his $44 billion deal to buy Twitter, the company’s chief customer officer, Sarah Personette, tweeted that she “had a great discussion” with the social network’s new owner. The next day, Personette resigned. In less than a week since Musk acquired Twitter,
Continue Reading By Michael Ballaban, CNN Business Ford saw its October US sales slump 10% over the last year as the company continued to battle supply chain difficulties. Ford sold 158,327 vehicles last month, down from almost 176,000 vehicles in the same period last year, the company said Wednesday. Not all automakers saw sales declines, however. Korean
Continue Reading By Julia Horowitz, CNN Business The spike in shipping rates since the onset of the pandemic has been a huge boon for Maersk. But the Danish shipping giant is warning its business will have to endure tougher times soon. The company said Wednesday that a looming global recession is expected to reduce container demand by
Continue Reading By Clare Duffy, CNN Business Elon Musk indicated on Wednesday that the Twitter account of former President Donald Trump will not be restored ahead of the US midterm elections next week, answering one of the biggest unknowns following his takeover of the social media company. Musk confirmed early Wednesday morning that “Twitter will not allow
Continue Reading By Anna Cooban and Hanna Ziady, CNN Business For years, home ownership in Britain has been a one-way bet. Prices have climbed steadily since the global financial crisis, rising in even larger increments after the pandemic began. Fueled by a post-lockdown buying frenzy, the average UK house price hit a record £275,000 ($315,474) in December,
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